PERTH: The Australian sharemarket pushed higher at the open, shrugging off a flat lead from Wall Street as the key miners eked out modest gains.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index added 13.1 points, or 0.23 per cent, to 5,623.4 points, and the broader All Ordinaries index rose 13.9 points, or 0.25 per cent, to 5,627.9 points.
IG market strategist Evan Lucas said Chinese manufacturing data will be a key driver of sentiment for the local market, particularly the materials space, as well as the Australian dollar during the session.
“Choppy trade is very much expected,” he said.
CMC chief market strategist Michael McCarthy said the release of FOMC meeting minutes overnight saw the global bond market rout pause as investors heeded a clear signal that a June rate hike from the Fed is all but ruled out.
“However, additional comment that the economic weakness in the US in the first quarter of the year was likely ‘transitory’ moderated any enthusiasm, and could see the Australian share market test a key level of support today,” he said.
Health care stocks led the market higher, adding 1.21 per cent.
Cochlear added 4.31 per cent to $88.01, while Sirtex rose 1.63 per cent to $27.99.
Consumer discretionaries gained 0.95 per cent.
Domino’s Pizza surged 2.67 per cent to $38.41 after announcing it will add 3,000 jobs in Australia and New Zealand, the biggest intake of employees in the company’s history.
